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SINGAPORE : Commodities firm Wilmar International has bought the remaining 8.62 per cent stake in Malaysian-listed firm Natural Oleochemicals (Natoleo) for 42 million ringgit or about S$18.3 million.
Wilmar had already acquired a 91.38 per cent stake in the firm in July.
In a statement, the commodities player said it has acquired the remaining shares from the National Land Finance Co-operative Society, an independent third party.
Natoleo, based in Pasir Gudang, Johor, is one of the world's largest oleochemicals producers with a significant market share in Europe and Asia, and a growing presence in the US.
Oleochemicals are chemicals derived from plant and animal fats.
Natoleo's main feedstocks are crude palm kernel oil and palm stearin.
Its products such as glycerine, soap noodles, fatty acids, and esters are widely used in diverse industries.
These include detergents, home care, cosmetics and toiletries, pharmaceuticals, food additives, paints and coatings, rubber and latex.
Wilmar said the oleochemical industry is experiencing steady growth due to sustained economic development and increased global demand for an eco-friendly alternative to petrochemical products.
- CNA/al
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